By now you have probably seen the adverts with the talking letter boxes warning us about sweeping changes within the insurance industry in New Zealand. The aim of the campaign is to help inform and educate home owners about the move from unspecified open end replacement insurances, based on size (sqm), to maximum specified sum insurance policies, commonly known as Sum Insured policies.

In order for you to have protection in the event of your home being destroyed, it is important that you are aware of these changes and know exactly what the cost of rebuilding your home would be.

How should you calculate the Sum Insured?

There are a number of online calculators from most insurers which will assist in determining the cost of rebuilding your home; alternatively, some home owners are using professional services to determine rebuild costs.

The TV adverts direct you to visit http://need2know.org.nz which is brought to you by New Zealand’s largest general insurer, IAG New Zealand Limited (the owner of the State, NZI and Lantern Insurance brands and underwriter for most of the home insurance offered by ASB, BNZ and the Co-operative Bank, and many New Zealand insurance brokers) and by AMI. Your own insuracne company will also have details on their own website

The NZ Herald (Monday 4th June) printed significant data and statistics which reveals that Auckland property boom is causing a widening gap from the rest of the country. They go on to state that many provincial towns have not fully recovered from the national housing boom in 2007, before the global financial crisis hit.

This is backed up by reports from regional First National offices that some provincial towns are still struggling to achieve the ‘boom’ prices. Prices were pushed up during this time and many vendors still have these expectations. Provincial towns such as Tauranga, Rotorua and Taupo are still down on the prices received during 2007 between 10-13 %.

Median house pricing across the country does not provide an indication of where the market is for many regional and provincial towns and cities. However, with a general shortage of listings at the moment, you have an opportunity to achieve a better sale price.

Don’t wait for spring, because you will be competing with many other sellers who are also waiting to bring their property onto the market.

List your property ‘now’ when the stock of unsold homes on the market tightened to an all-time low of 25 weeks, based on the rate of sales, well down on the long term average of 38.1 weeks. The number of new listings in June represents an 18% fall and it is the lowest number of June listings for 7 years.

The housing market remains in favour of the sellers. This is driven by a shortage of listings for sale and low inventory across many regions which include Canterbury, Waikato and Central Otago. Wellington’s stock has fallen to 15.4 weeks, the lowest since 2009.

It remains a sellers’ market across 15 regions of the country. With supply of stock so low in many regions, the economics of supply and demand influences property prices upwards.

The asking price fell in June to $450,178 down 1% on the previous month lead by Auckland experiencing a slight fall; however, this was tempered by Wellington and Canterbury where the asking price rose.

Bob Brereton (First National Chairman) had the opportunity to attend lunch with the PM when he visited Motueka.

John Key’s speech was focused on the economy and the state of the nation, but also touched upon “a topic close to our heart, the housing market” said Bob.

“I spoke to Mr Key about the housing issue, that the Auckland market buoyancy misrepresents the median price for the country. Mr Key is mindful that a rampant Auckland market would have an adverse effect on the country and the Reserve Bank may want to intervene.”

John Key acknowledged that there needed to be further high level, meaningful engagement between the government and leaders in the real estate industry, which may encourage an industry wide discussion rather than a sledgehammer to our economy as proposed by the Reserve Bank.

First National’s top regional performers for Southland Region which include Wanaka, Cromwell, Invercargill, Gore, Riverton, Timaru and finally Ashburton are celebrating after being recognized at the real estate network’s regional conference and awards.

First National Group general manager Colleen Milne says “the awards are recognition of the commitment, professionalism and putting the customer first.”

“The achievements of these salespeople are great to see after the previous, very difficult years within the Real Estate industry. We are all celebrating 2012 as a great year of growth in sales and in the performance of our offices.” states Colleen Milne

“These sales people have built enduring relationships with in their communities, with vendors and buyers. Building trust and confidence with all clients is a predominant aspect driving the sales agents success” states Colleen Milne

Jenny Wilson (who sadly passed away suddenly, Christmas 2012) was honored by Bob Brereton( First National Chairman) in a special dedication speech. Bob thanked Jenny for her contribution to the network and as also for being a great friend to many present, she will be sadly missed by all. Jenny was awarded the Platinum Achiever award which recognizes outstanding achievement in sales for 6 consecutive years.

Also celebrated Top Performers on the night was Mark McLeod from First National Reid & Wilson who received; Top Number of Confirmed Sales; Top Exclusives and Top Residential award. Mark was also recognized for his exceptional achievement in sales over the last 8 consecutive years.

Top Office: Awards in Group 1 ( 1 -5 consultants) was awarded to First National Gore. First National Gore also received the Top Rural Office award. “This is an outstanding achievement for our new members in First National Gore, Tara and Graham Maxwell” states Colleen Milne.

Top Office Group 2 ( 6 – 10 sales people) was won by First National First National Reid & Wilson, Timaru. Top Commercial Office award was once again won by First National Reid & Wilson.

The Property Management award was awarded to First National Mid Cantebury, Ashburton. While the Top Property Growth award when to the team at First National Invercargill.

First National’s top regional performers for Picton, Blenheim, Nelson, Richmond Mouteka, Golden Bay and Christchurch regions are celebrating after being recognised at the real estate network’s regional conference and awards.

First National Group general manager Colleen Milne says the awards are recognition of the commitment, professionalism and putting the customer first.

“The achievements of these salespeople are great to see after the previous, very difficult years within the Real Estate industry. We are all celebrating 2012 as a great year of growth in sales and in the performance of our offices.” states Colleen Milne

TOP SALES CONSULTANT IN REGION FOUR

10. Geoff Dentice – First National Mark Stevenson, Blenheim

9. Greg Jones – First National Motueka

8. Lorraine Barrett – First National Mark Stevenson, Blenheim

7. Logan McCosh – First National Mark Stevenson, Blenheim

6. Ian Fyfe – First National Mark Stevenson, Blenheim

5. Anne Goodyer – First National Mark Stevenson, Blenheim

4. Robert Moore – First National Mark Stevenson, Blenheim

3. Bob Brereton – First National Motueka

2. Andrea Church – First National Mark Stevenson, Blenheim

1. Mike Murphy – First National Richmond, Nelson

Top 10 Sales Consultants in Region Four

“These sales people have built enduring relationships with in their communities, with vendors and buyers. Building trust and confidence with all clients is a predominant aspect driving the sales agents success” states Colleen Milne

First National Mark Stevenson, Blenheim celebrated their Top Performers on the night with Andrea Church receiving the award for Top number of confirmed sales; Top exclusive lister; Top exclusives sold and Top residential sales person.

Bob Brererton, the Principle of First National Motueka and Chairman of the First National Board was recognized for his consistency as a high achiever over the last three year with a Platinuim award.

Also recognized for consistency in high performance were Andrea Church and Anne Goodyer receiving Platinum who are both from First National Mark Stevenson, Blenheim. Finally, Mike Murphy of First National Richmond was presented for his exceptional performance over the last 19 years within First National.

The TradeMe – Rookie of the Year Award was won by Michael Rea of First National Blenheim. Michael Rae has been licensed in real estate less than 18 months and has achieved exceptional results. Michael also received the Next Generation Award – for success in sales awarded to new generation of sales people under 30 years of age.

Top Office: Awards in Group 1 ( 1 -5 consultants) was awarded to First National Motueka. Top Office: Group 2 ( 6 – 10 sales people) was won by First National Richmond.

First National Mark Stevenson, Blenheim also received the Top Rural Office award and the Top Commercial Office award, finally they received the Top Office Award for their category for Group 3 ( 11 + sales consultants)

The Property Management To Office and Property Management Growth Awards were both won by First National Giera Progressive, Christchurch in recognition for their excellence in management and growth. “this achievement is especially significant in view of the difficulties Christchurch and the team at Giera Progressive have endured over the last years” states Colleen Milne.

First National’s top regional performers for the Taranaki / Wellington region are celebrating after being recognised at the real estate network’s regional conference and awards.

First National Group general manager Colleen Milne says the awards are recognition of the commitment, professionalism and putting the customer first.

“The achievements of these salespeople is great to see after the previous, very difficult years within the Real Estate industry. We are all celebrating 2012 as a great year of growth in sales and performance of our offices.” states Colleen Milne

Gillian Cross of First National Guardian, Churton Park also took out the awards as the top performer for the following categories; Top Number of Confirmed Sales; Top Exclusive Lister; Top Exclusives sold and the Top Residential Award. “Gillian continues to be an outstanding performer, which is evident in her receiving First Nationals top achiever category called Platinum for 16 consecutive years” said Colleen Milne.

“These sales people have built enduring relationships with in their communities, with vendors and buyers. Building trust and confidence with all clients is a predominant aspect driving the sales agents success” states Colleen Milne

First National Guardian, Churton Park, Wellington also won the Top Office award for the group of 1-5 offices.First National Allied Farmers in Stratford won Top Office in group two, 6 -10 Sales consultants and finally First National Western won Top Office in group three (11+ sales people).

Owen Mills from First National Allied Farmers, Stratford had a great award night of success also winning Top Dollar Value of Confirmed Sales and Top Auction Lister, Top Property Press Advertising Award and also the Top Rural Award.

Property Management awards were once again won by First National Allied Farmers Hawera. This award recognizes the dedication of the Hawera property managers.

The night was celebrated with a banquet dinner and dance.

For additional comment please contact
Colleen Milne, General Manager
First National Group
(029) 771 0750